Small Business Bankruptcy Tulsa Ok

Bankruptcy Basics for Small Business Owners in Tulsa Oklahoma

Starting a business takes incredible courage and a lot of hard work. Keeping a business going takes even more hard work, dedication, and also a bit of luck. Sometimes, businesses that have excellent potential are unable to bring in enough money to stay afloat. Undoubtedly, it can be hard for a small business owner who has spent so much time, effort, and creative energy on their company to consider filing for bankruptcy. However, it is important that small business owners understand all their bankruptcy options, which may help them determine whether such an action is right is the right path to take.

Which Business Bankruptcy do I File

Most small business owners will be able to choose between three bankruptcy filing options. The first option is for business owners who wish to close up shop. Sole proprietors, partners in general partnerships, and even some corporations and LLC’s can file for bankruptcy under Chapter 7. Chapter 7 bankruptcies are liquidation bankruptcies, where non-exempt assets are sold in order to pay creditors, and eligible debts are discharged.

Small business owners who wish to stay in business may be able to choose between filing for bankruptcy under Chapter 11 and filing for bankruptcy under Chapter 13. Chapter 11 bankruptcy is an option for sole proprietorships, corporations, LLCs, partnerships, and other business entities. In a Chapter 11 bankruptcy, the business owner creates a plan for reorganizing their finances and proposes it to the bankruptcy court. Depending upon what is most important for your business, your proposed plan could include things like selling off assets and equipment that you do not need, keeping equipment and assets that your business needs for its continued operation, discharging debts, and renegotiating the terms of secured debts on items that you want to keep. Once your plan is approved, you will spend the next few years conducting your business according to its terms. If you abide by the terms of your reorganization plan for the specified time period, debts that you proposed to discharge will be discharged.

If you are a sole proprietor, you may be able to file for bankruptcy under Chapter 13, the individual reorganization chapter, by filing a bankruptcy petition on your own behalf. The reorganization plan that you propose to the court in a Chapter 13 bankruptcy could include some of the same things as a Chapter 11 bankruptcy, such as keeping necessary business equipment, selling unneeded assets and equipment, renegotiating debts, and discharging other debts. Chapter 13 bankruptcies cost less than Chapter 11 bankruptcies, and they take less time. However, Chapter 13 bankruptcies are not as flexible as Chapter 11 bankruptcies, and there are debt limits which could affect your eligibility to file under Chapter 13.

After you have educated yourself about the bankruptcy options that are available to small business owners, it is time to do the more difficult work of deciding whether it is time to file for bankruptcy. A good way to begin this process is to spend some time thinking about your business, and about what direction you would like to go with it. Then, write down your personal and business goals. With those goals in mind, take a look at your current financial situation. You can do that by making a list of your business assets and their current values, and a list of your business creditors and the amount of debt that you owe to each one. Most importantly, take your time. A small business bankruptcy can be very helpful to a struggling business owner, if it is undertaken after careful thought and contemplation.

Free Bankruptcy Information

If you find that you have questions while you are thinking through whether to file for a small business bankruptcy, a knowledgeable Oklahoma Bankruptcy Attorney can help. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. Please contact us at South Tulsa Bankruptcy Lawyers or fill out our online form today!

Small Business Bankruptcy Tulsa Ok

http://tulsabankruptcylawyers.net/small-business-bankruptcy-tulsa-oklahoma/

Payday Loans and Bankruptcy - South Tulsa Bankruptcy Lawyers

 

Payday Loans and Bankruptcy

If you have taken out payday loans and you are going to file a chapter 7 or a chapter 13 bankruptcy in Oklahoma chances are good that you will be able to discharge them in bankruptcy. The key to successfully discharging a payday loan is that you haven’t taken out the loan in anticipation of not paying it back by filing a bankruptcy.

Objecting To the Bankruptcy Discharge;

For this to happen the payday loan company will have to file an adversary proceeding. In this proceeding the payday loan company will have to show that you took out this loan without having the intent to repay it. Depending on when the loan was taken out determines if the payday loan company will succeed in stopping your from discharging the payday loan. If you have taken out a payday loan its best that you wait 90 days after taking out the loan. This is because most debts that you acquire within 90 days of filing bankruptcy may be scrutinized by the trustee in your bankruptcy case. In the event that you have taken out the loan within 90 days of filing bankruptcy you may still be able to discharge the debt. If you, like many others, took the payday loan to pay off the interest on a prior debt the debt the debt was incurred may be attributed to the original loan date.

What if I Wrote Them a Post Dated Check;

Many payday loan companies require you to write them a postdated check as security for them giving you the loan. Although they can do this, holding your check doesn’that you can’t file and still discharge the debt secured by the postdated check. Once you file the check is no longer theirs to cash but beware.Cashing the check once the payday loan company has been givin notice of the bankruptcy filing is a violation of the automatic stay. The automatic stay forbids anyone from attempting to collect on a debt once the case is filed. Once the bankruptcy is filed cashing the check would be attempting to collect this debt. Truth be told, for you to get your money back your bankruptcy attorney will have to file an adversary proceeding against the payday loan company. In this proceeding there is a good chance that the loan company will be required to repay you but this is time consuming. To save time I advise many of my clients to stop payment on the check once we file or to simply shut the account down and reopen another checking account.

Paryday Loan Harrassment, Call a Bankruptcy Attorney

If you are drowning in debt and consider filing a bankruptcy South Tulsa Bankruptcy Law Office can help. Our Tulsa bankruptcy law attorneys have helped thousands of people find their way through oppressive debt and get a new financial start on your financial life. Call today and get a free bankruptcy consultation

Payday Loans and Bankruptcy - South Tulsa Bankruptcy Lawyers

http://tulsabankruptcylawyers.net/payday-loans-bankruptcy-south-tulsa-bankruptcy-lawyers/

Small Business Bankruptcy Tulsa Ok

Bankruptcy Basics for Small Business Owners in Tulsa Oklahoma

Starting a business takes incredible courage and a lot of hard work. Keeping a business going takes even more hard work, dedication, and also a bit of luck. Sometimes, businesses that have excellent potential are unable to bring in enough money to stay afloat. Undoubtedly, it can be hard for a small business owner who has spent so much time, effort, and creative energy on their company to consider filing for bankruptcy. However, it is important that small business owners understand all their bankruptcy options, which may help them determine whether such an action is right is the right path to take.

Which Business Bankruptcy do I File

Most small business owners will be able to choose between three bankruptcy filing options. The first option is for business owners who wish to close up shop. Sole proprietors, partners in general partnerships, and even some corporations and LLC’s can file for bankruptcy under Chapter 7. Chapter 7 bankruptcies are liquidation bankruptcies, where non-exempt assets are sold in order to pay creditors, and eligible debts are discharged.

Small business owners who wish to stay in business may be able to choose between filing for bankruptcy under Chapter 11 and filing for bankruptcy under Chapter 13. Chapter 11 bankruptcy is an option for sole proprietorships, corporations, LLCs, partnerships, and other business entities. In a Chapter 11 bankruptcy, the business owner creates a plan for reorganizing their finances and proposes it to the bankruptcy court. Depending upon what is most important for your business, your proposed plan could include things like selling off assets and equipment that you do not need, keeping equipment and assets that your business needs for its continued operation, discharging debts, and renegotiating the terms of secured debts on items that you want to keep. Once your plan is approved, you will spend the next few years conducting your business according to its terms. If you abide by the terms of your reorganization plan for the specified time period, debts that you proposed to discharge will be discharged.

If you are a sole proprietor, you may be able to file for bankruptcy under Chapter 13, the individual reorganization chapter, by filing a bankruptcy petition on your own behalf. The reorganization plan that you propose to the court in a Chapter 13 bankruptcy could include some of the same things as a Chapter 11 bankruptcy, such as keeping necessary business equipment, selling unneeded assets and equipment, renegotiating debts, and discharging other debts. Chapter 13 bankruptcies cost less than Chapter 11 bankruptcies, and they take less time. However, Chapter 13 bankruptcies are not as flexible as Chapter 11 bankruptcies, and there are debt limits which could affect your eligibility to file under Chapter 13.

After you have educated yourself about the bankruptcy options that are available to small business owners, it is time to do the more difficult work of deciding whether it is time to file for bankruptcy. A good way to begin this process is to spend some time thinking about your business, and about what direction you would like to go with it. Then, write down your personal and business goals. With those goals in mind, take a look at your current financial situation. You can do that by making a list of your business assets and their current values, and a list of your business creditors and the amount of debt that you owe to each one. Most importantly, take your time. A small business bankruptcy can be very helpful to a struggling business owner, if it is undertaken after careful thought and contemplation.

Free Bankruptcy Information

If you find that you have questions while you are thinking through whether to file for a small business bankruptcy, a knowledgeable Oklahoma Bankruptcy Attorney can help. We offer a free initial consultation where we can answer your questions, evaluate your needs and explain your options. Please contact us at South Tulsa Bankruptcy Lawyers or fill out our online form today!

Small Business Bankruptcy Tulsa Ok

http://tulsabankruptcylawyers.net/small-business-bankruptcy-tulsa-oklahoma/